Ameriprise Casts Lure Into Morgan Stanley, Wells Fargo, UBS
Ameriprise Financial, whose recruiting loan balances grew 16% last year, continues to build its employee-channel brokerage force with emigrees from wirehouses.
The largest producer to join was Blair Pritchett, an Atlanta-based broker who had been with Morgan Stanley for eight years. Pritchett was managing $151 million for clients, the spokeswoman said.
“I know the firm very well,” Pritchett said in a prepared statement about his return to Ameriprise, where he spent the first eight years of his 19-year career. “I had an awesome, dedicated transition team who delivered on everything they promised.”
In Westport, Conn., Scott E. Kelly, Matthew True and Nichole McCarthy joined Ameriprise from Wells Fargo Advisors. They had been managing $149 million in client assets at Wells, the spokeswoman said.
Kelly and True joined Wells’ Westport private client branch in March 2009 from Smith Barney, according to their BrokerCheck records, while McCarthy joined the team after six years with Morgan Stanley.
The UBS recruit, James Buzgo, had been overseeing $137 million in client assets at a branch in Boston, the spokeswoman said. He worked at UBS for a decade, after a seven-year stint with Merrill Lynch in Wrentham, Mass., according to his BrokerCheck office.
Ameriprise’s “forgivable” recruiting loans totaled $645 million at the end of 2019, according to its annual report. The Minneapolis-based firm has been reaching out to experienced advisors, often at wirehouses, in an attempt to go upmarket from its traditional Main Street clients. Its pay packages, mostly cash in the form of five-to-nine-year forgivable loans, can reach 320% of trailing-12-month revenue, according to recruiters.
Ameriprise ended 2019 with 9,871 advisors, including almost 7,700 who were independent contractors. Each of the February 14 recruits joined the firm’s employee channel of about 2,200 brokers.